Fabio Okumura, head of trading at Itau Unibanco Holding SA (ITUB4)’s wholesale arm, has left with eight other executives, a person familiar with the departures said.
Aurelio Bicalho, an economist at Banco Itau BBA SA, is among the people who are leaving, the person said, asking not to be identified because the departures haven’t been publicly announced. The Sao Paulo-based company named Marco Antonio Sudano to replace Okumura and lead a new team of six people, according to an internal memo distributed to employees.
Okumura didn’t immediately return an e-mail. Bicalho declined to comment.
Okumura’s team trades products including currency, interest rates, equity and credit. Reuters previously reported the traders’ departures.
To contact the editors responsible for this story: Peter Eichenbaum at email@example.com Steve Dickson, Dan Kraut